HVG Law has advised Chubu Electric Power Company Netherlands B.V. (CEPCON) on the acquisition and financing of the transmission assets relating to the 1218MW Hornsea One offshore windfarm from Hornsea 1 Limited.
CEPCON (a wholly owned subsidiary of Chubu Electric Power Co., Inc.) acquired the assets through Diamond Transmission Partners Hornsea One Limited (DTP Hornsea One), a joint venture between CEPCON, Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation) and MUL Infrastructure UK Limited (a wholly owned subsidiary of Mitsubishi HC Capital Inc.). Hornsea 1 is a joint-venture between Ørsted (50%) and Global Infrastructure Partners (50%).
The regulated divestment of transmission assets included the onshore substation, export cables, three offshore substations and an offshore reactive compensation station. A syndicate of international lenders partly financed the purchase.